Ford Credit Auto Owner Trust 2023-B
01/22/2025 | Press release | Distributed by Public on 01/22/2025 09:00
Asset-Backed Issuer Distribution Report (Form 10-D)
Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 19 |
Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus, available on the SEC website (http://www.sec.gov) under the registration number 333-258040 and at https://www.ford.com/finance/investor-center/asset-backed-securitization.
I. ORIGINAL DEAL PARAMETERS
| Dollar Amount | # of Receivables | Weighted Avg Remaining Term at Cutoff | ||||
| Initial Pool Balance | $1,719,380,848.17 | 49,034 | 56.5 months | |||
| Dollar Amount | Note Interest Rate | Final Scheduled Payment Date | ||||
| Original Securities | ||||||
| Class A-1 Notes | $ | 350,000,000.00 | 5.517 | % | July 15, 2024 | |
| Class A-2a Notes | $ | 350,000,000.00 | 5.57 | % | June 15, 2026 | |
| Class A-2b Notes | $ | 250,000,000.00 | 5.08757 | % | * | June 15, 2026 |
| Class A-3 Notes | $ | 479,000,000.00 | 5.23 | % | May 15, 2028 | |
| Class A-4 Notes | $ | 71,000,000.00 | 5.06 | % | February 15, 2029 | |
| Class B Notes | $ | 47,330,000.00 | 5.56 | % | March 15, 2029 | |
| Class C Notes | $ | 31,610,000.00 | 5.71 | % | December 15, 2030 | |
| Total | $ | 1,578,940,000.00 | ||||
| * 30-day average SOFR + 0.49% |
II. AVAILABLE FUNDS
| Interest: | ||
| Interest Collections | $ | 3,842,024.85 |
| Principal: | ||
| Principal Collections | $ | 25,137,520.72 |
| Prepayments in Full | $ | 12,035,418.83 |
| Liquidation Proceeds | $ | 418,915.26 |
| Recoveries | $ | 114,409.79 |
| Sub Total | $ | 37,706,264.60 |
| Collections | $ | 41,548,289.45 |
| Purchase Amounts: | ||
| Purchase Amounts Related to Principal | $ | 100,705.64 |
| Purchase Amounts Related to Interest | $ | 688.97 |
| Sub Total | $ | 101,394.61 |
| Clean-up Call | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Available Funds - Total | $41,649,684.06 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 19 |
III. DISTRIBUTIONS
| Calculated Amount | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | ||||||
| Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 41,649,684.06 |
| Servicing Fee | $ | 741,565.06 | $ | 741,565.06 | $ | 0.00 | $ | 0.00 | $ | 40,908,119.00 |
| Interest - Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 40,908,119.00 |
| Interest - Class A-2a Notes | $ | 420,472.57 | $ | 420,472.57 | $ | 0.00 | $ | 0.00 | $ | 40,487,646.43 |
| Interest - Class A-2b Notes | $ | 274,324.65 | $ | 274,324.65 | $ | 0.00 | $ | 0.00 | $ | 40,213,321.78 |
| Interest - Class A-3 Notes | $ | 2,087,641.67 | $ | 2,087,641.67 | $ | 0.00 | $ | 0.00 | $ | 38,125,680.11 |
| Interest - Class A-4 Notes | $ | 299,383.33 | $ | 299,383.33 | $ | 0.00 | $ | 0.00 | $ | 37,826,296.78 |
| First Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 37,826,296.78 |
| Interest - Class B Notes | $ | 219,295.67 | $ | 219,295.67 | $ | 0.00 | $ | 0.00 | $ | 37,607,001.11 |
| Second Priority Principal Payment | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 37,607,001.11 |
| Interest - Class C Notes | $ | 150,410.92 | $ | 150,410.92 | $ | 0.00 | $ | 0.00 | $ | 37,456,590.19 |
| Reserve Account Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 37,456,590.19 |
| Regular Principal Payment | $ | 34,439,505.94 | $ | 34,439,505.94 | $ | 0.00 | $ | 0.00 | $ | 3,017,084.25 |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 3,017,084.25 |
| Residual Released to Depositor | $ | 0.00 | $ | 3,017,084.25 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Total | $ | 41,649,684.06 | ||||||||
| Principal Payment: | ||||||||||
| First Priority Principal Payment | $ | 0.00 | ||||||||
| Second Priority Principal Payment | $ | 0.00 | ||||||||
| Regular Principal Payment | $ | 34,439,505.94 | ||||||||
| Total | $ | 34,439,505.94 | ||||||||
IV. NOTEHOLDER PAYMENTS
| Noteholder Principal Payments | Noteholder Interest Payments | Total Payment | ||||||||||
| Per $1,000 of | Per $1,000 of | Per $1,000 of | ||||||||||
| Actual | Original Balance | Actual | Original Balance | Actual | Original Balance | |||||||
| Class A-1 Notes | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
| Class A-2a Notes | $ | 20,089,711.80 | $ | 57.40 | $ | 420,472.57 | $ | 1.20 | $ | 20,510,184.37 | $ | 58.60 |
| Class A-2b Notes | $ | 14,349,794.14 | $ | 57.40 | $ | 274,324.65 | $ | 1.10 | $ | 14,624,118.79 | $ | 58.50 |
| Class A-3 Notes | $ | 0.00 | $ | 0.00 | $ | 2,087,641.67 | $ | 4.36 | $ | 2,087,641.67 | $ | 4.36 |
| Class A-4 Notes | $ | 0.00 | $ | 0.00 | $ | 299,383.33 | $ | 4.22 | $ | 299,383.33 | $ | 4.22 |
| Class B Notes | $ | 0.00 | $ | 0.00 | $ | 219,295.67 | $ | 4.63 | $ | 219,295.67 | $ | 4.63 |
| Class C Notes | $ | 0.00 | $ | 0.00 | $ | 150,410.92 | $ | 4.76 | $ | 150,410.92 | $ | 4.76 |
| Total | $ | 34,439,505.94 | $ | 21.81 | $ | 3,451,528.81 | $ | 2.19 | $ | 37,891,034.75 | $ | 24.00 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 19 |
V. NOTE BALANCE AND POOL INFORMATION
| Beginning of Period | End of Period | |||||
| Balance | Note Factor | Balance | Note Factor | |||
| Class A-1 Notes | $ | 0.00 | 0.0000000 | $ | 0.00 | 0.0000000 |
| Class A-2a Notes | $ | 90,586,550.31 | 0.2588187 | $ | 70,496,838.51 | 0.2014195 |
| Class A-2b Notes | $ | 64,704,678.81 | 0.2588187 | $ | 50,354,884.67 | 0.2014195 |
| Class A-3 Notes | $ | 479,000,000.00 | 1.0000000 | $ | 479,000,000.00 | 1.0000000 |
| Class A-4 Notes | $ | 71,000,000.00 | 1.0000000 | $ | 71,000,000.00 | 1.0000000 |
| Class B Notes | $ | 47,330,000.00 | 1.0000000 | $ | 47,330,000.00 | 1.0000000 |
| Class C Notes | $ | 31,610,000.00 | 1.0000000 | $ | 31,610,000.00 | 1.0000000 |
| Total | $ | 784,231,229.12 | 0.4966821 | $ | 749,791,723.18 | 0.4748703 |
| Pool Information | ||||
| Weighted Average APR | 5.105 | % | 5.134 | % |
| Weighted Average Remaining Term | 42.79 | 42.08 | ||
| Number of Receivables Outstanding | 32,734 | 31,826 | ||
| Pool Balance | $ | 889,878,071.33 | $ | 851,657,429.46 |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 825,210,963.13 | $ | 790,198,147.56 |
| Pool Factor | 0.5175573 | 0.4953280 | ||
VI. OVERCOLLATERALIZATION INFORMATION
| Specified Reserve Balance | $ | 3,947,366.14 |
| Yield Supplement Overcollateralization Amount | $ | 61,459,281.90 |
| Targeted Overcollateralization Amount | $ | 101,865,706.28 |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 101,865,706.28 |
VII. RECONCILIATION OF RESERVE ACCOUNT
| Beginning Reserve Account Balance | $ | 3,947,366.14 |
| Reserve Account Deposits Made | $ | 0.00 |
| Reserve Account Draw Amount | $ | 0.00 |
| Ending Reserve Account Balance | $ | 3,947,366.14 |
| Change in Reserve Account Balance | $ | 0.00 |
| Specified Reserve Balance | $ | 3,947,366.14 |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 19 |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| # of Receivables | Amount | ||||
| Current Collection Period Loss: | |||||
| Realized Loss (Charge-Offs) | 110 | $ | 528,081.42 | ||
| (Recoveries) | 46 | $ | 114,409.79 | ||
| Net Loss for Current Collection Period | $ | 413,671.63 | |||
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | 0.5578 | % | |||
| Prior and Current Collection Periods Average Loss: | |||||
| Ratio of Net Loss to the Average Pool Balance (annualized) | |||||
| Third Prior Collection Period | 0.4123 | % | |||
| Second Prior Collection Period | 0.8464 | % | |||
| Prior Collection Period | 0.6411 | % | |||
| Current Collection Period | 0.5701 | % | |||
| Four Month Average (Current and Prior Three Collection Periods) | 0.6175 | % | |||
| Cumulative Loss: | |||||
| Cumulative Realized Loss (Charge-Offs) | 1,510 | $ | 9,438,652.43 | ||
| (Cumulative Recoveries) | $ | 1,188,081.56 | |||
| Cumulative Net Loss for All Collection Periods | $ | 8,250,570.87 | |||
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | 0.4799 | % | |||
| Average Realized Loss for Receivables that have experienced a Realized Loss | $ | 6,250.76 | |||
| Average Net Loss for Receivables that have experienced a Realized Loss | $ | 5,463.95 | |||
| % of EOP Pool Balance | # of Receivables | Amount | |||
| Delinquent Receivables: | |||||
| 31-60 Days Delinquent | 1.33 | % | 317 | $ | 11,308,300.00 |
| 61-90 Days Delinquent | 0.17 | % | 39 | $ | 1,481,299.96 |
| 91-120 Days Delinquent | 0.03 | % | 5 | $ | 257,152.28 |
| Over 120 Days Delinquent | 0.09 | % | 18 | $ | 737,577.53 |
| Total Delinquent Receivables | 1.62 | % | 379 | $ | 13,784,329.77 |
| Repossession Inventory: | |||||
| Repossessed in the Current Collection Period | 23 | $ | 985,809.69 | ||
| Total Repossessed Inventory | 35 | $ | 1,588,725.94 | ||
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | |||||
| Second Prior Collection Period | 0.1850 | % | |||
| Prior Collection Period | 0.2047 | % | |||
| Current Collection Period | 0.1948 | % | |||
| Three Month Average | 0.1948 | % | |||
| Delinquency Trigger (61+ Delinquent Receivables) | |||||
| Transaction Month | Trigger | ||||
| 1-12 | 0.80% | ||||
| 13-24 | 1.50% | ||||
| 25-36 | 2.60% | ||||
| 37+ | 4.40% | ||||
| 61+ Delinquent Receivables Balance to EOP Pool Balance | 0.2907 | % | |||
| Delinquency Trigger Occurred | No |
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Ford Credit Auto Owner Trust 2023-B
Monthly Investor Report
| Collection Period | December 2024 |
| Payment Date | 1/15/2025 |
| Transaction Month | 19 |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| 1 Month Extended | 148 | $5,625,127.57 |
| 2 Months Extended | 201 | $7,804,105.63 |
| 3+ Months Extended | 31 | $1,101,173.16 |
| Total Receivables Extended | 380 | $14,530,406.36 |
IX. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)
| No Activity to report |
| Most Recent Form ABS-15G for repurchase demand activity |
| Filed by: Ford Motor Credit Company LLC |
| CIK#: 0000038009 |
| Date: February 5, 2024 |
X. FLOATING RATE BENCHMARK: BENCHMARK TRANSITION
| Benchmark Transition Event: | N/A |
| Benchmark Replacement Date: | N/A |
| Unadjusted Benchmark Replacement: | N/A |
| Benchmark Replacement Adjustment: | N/A |
| Benchmark Replacement Conforming Changes: | N/A |
SERVICER CERTIFICATION
THIS REPORT IS ACCURATE IN ALL MATERIAL RESPECTS.
Ford Motor Credit Company LLC
/s/ Ryan M. Hershberger
Assistant Treasurer
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